An European Union court ruled that British retailer Marks & Spencer PLC can deduct losses from other countries on its tax bill if the company can't claim the losses in those countries.
Marks & Spencer had challenged the original ruling from a British court that it couldn't take a $53 million tax rebate. The retailer pulled out of continental Europe in 2001 after running up losses during the 1990s, and asked the British government to deduct the losses from its tax bill and took the case to court when Britain refused. Britain's High Court referred the case to the European Court of Justice in 2003.
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